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Where can I learn more about Price Action like those in James16 charts? 9 replies

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james16 Chart Thread

  • #34,141
  • Jun 22, 2009 5:22am Jun 22, 2009 5:22am
Quoting arsa
hmm.. seems you're trying to make a rocket from a bike.. lol

Not quite sure what you mean but, personally, if the PA goes against me by 30 pips after the break, I'm quite happy to get out. A good quality PA bar will usually allow me to get to BE pretty quickly. Of course, I may miss out on the mega moves the evolve over time, but I'm just looking to hit my first TP and get out with a quick profit.
  • #34,142
  • Jun 22, 2009 5:23am Jun 22, 2009 5:23am
Quoting ghous
It's somewhere between 100 to 300 pips on most pairs based on an SL above the other end of the pin). Whether that's "Big" or not depends on how you look at it.

For me it isn't too big if it's on one of the 5 trades that I will go for in a month. When I know I've passed on 25 trades to arrive at the trade setup I really want to take I don't feel like hesitating to give the trade a good bit of room to do what it wants.

the second important aspect to it is of coarse the money management part. if the 300 pips is 2% of your account you'll be...
Hi Ghous

If you don't mind me asking, on your 5 trades a month (I'm assuming A+ trades), what percentage of account do you like to risk?

Thanks
  • #34,143
  • Jun 22, 2009 5:26am Jun 22, 2009 5:26am
Quoting pmn100
Hi Ghous

If you don't mind me asking, on your 5 trades a month (I'm assuming A+ trades), what percentage of account do you like to risk?

Thanks
Nothing more than 3%. And this is truly a lot that I risk...I admit.
I believe . . .
  • #34,144
  • Jun 22, 2009 5:26am Jun 22, 2009 5:26am
Quoting TotalNewbie
Not quite sure what you mean but, personally, if the PA goes against me by 30 pips after the break, I'm quite happy to get out. A good quality PA bar will usually allow me to get to BE pretty quickly. Of course, I may miss out on the mega moves the evolve over time, but I'm just looking to hit my first TP and get out with a quick profit.
ghous just pointed my point.

if you use % risk it doesn't matter how big SL is. i wouldn't put mechanical SL of 30. Market decides how big SL has to be. And it's pretty simple method here why not just follow it? especially when you have here guys who can answer questions and they a living from this method?
  • #34,145
  • Jun 22, 2009 5:27am Jun 22, 2009 5:27am
Quoting TotalNewbie
Not quite sure what you mean but, personally, if the PA goes against me by 30 pips after the break, I'm quite happy to get out. A good quality PA bar will usually allow me to get to BE pretty quickly. Of course, I may miss out on the mega moves the evolve over time, but I'm just looking to hit my first TP and get out with a quick profit.
Absolutely!

Nothing wrong with being ultra picky.
I believe . . .
  • #34,146
  • Jun 22, 2009 5:32am Jun 22, 2009 5:32am
Quoting arsa
ghous just pointed my point.

if you use % risk it doesn't matter how big SL is. i wouldn't put mechanical SL of 30. Market decides how big SL has to be. And it's pretty simple method here why not just follow it? especially when you have here guys who can answer questions and they a living from this method?
Yeah I am personally not happy with any SLs based on numerical figures myself except price.

It's a more a matter of personal choice and meeting your individual needs than anything else.

The good part abt 30 pip stops on daily is that you're guaranteed 0 big draw downs. The bad thing abt 30 pip stops is that you have a greater chance of hitting them.

how good is the good and how bad is the bad part to you is crucial in deciding what you want to do...
I believe . . .
  • #34,147
  • Jun 22, 2009 5:37am Jun 22, 2009 5:37am
Quoting the novice
Hi all
I have been having problems with PB entry, and I had asked this question before in this thread.
I remember James mentioned that entry with retracement reduces the size of the SL, and I have tried several times with that, even though the PB is not broken.
But so far the success rate is dismal.
The most recent example being the GBP/CHF H4.
I entered on a pullback, but was stopped out quicker than a heartbeat even though it is on H4.
I thought that the PB was in a good location as it bounced off recent high of 1.7885, and there was a divergence.
Any...

No problem with the daily PB........Been in since Tursday. Like candy from a baby
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  • #34,148
  • Jun 22, 2009 5:43am Jun 22, 2009 5:43am
Here is a pair I am seeking price action to tell me to long in the lower timeframes...

I dont have a clear solid direction but I will attempt and trade the wedge this pair is producing at the moment

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  • #34,149
  • Jun 22, 2009 5:45am Jun 22, 2009 5:45am
Quoting Bryan
No problem with the daily PB........Been in since Tursday. Like candy from a baby
"this stuff is dirt simple folks!!"
hehe couldnt resist.nice one mate.wonder if she will hit 1.80??
jon
good to see you posting again ghous!
PATIENCE... DISCIPLINE
  • #34,150
  • Jun 22, 2009 5:46am Jun 22, 2009 5:46am
Quoting ghous
Agreed,

but looking at the pin it did exactly what it was supposed to do, hoping for it do the same again might be a little too much to ask. Ofcoarse a trade could aim at the 4H resistance you talked abt in which case it should be treated like a 4H supp/res trade. IT WILL NOT BE THE DAILY PIN BAR TRADE.

Regards,
Ghous.
Yep, your right Ghous was looking at this from a 4hr perspective, just liked how Thurs pin low had nice 4hr resistance.My sceanario I was watching for looks history. Another pair I was watching G/J I see 157.50 support holding atm but no pa to make me think 160 is in the cards at least not atm.I was thinkin after Sundays open it would get up there, once again pa saves me from a making a bad trade.
  • #34,151
  • Jun 22, 2009 5:53am Jun 22, 2009 5:53am
Quoting 4fun
Yep, your right Ghous was looking at this from a 4hr perspective, just liked how Thurs pin low had nice 4hr resistance.My sceanario I was watching for looks history. Another pair I was watching G/J I see 157.50 support holding atm but no pa to make me think 160 is in the cards at least not atm.I was thinkin after Sundays open it would get up there, once again pa saves me from a making a bad trade.
.
I believe . . .
  • #34,152
  • Jun 22, 2009 6:06am Jun 22, 2009 6:06am
Quoting Frantic
???
http://www.forexfactory.com/images/icons/icon6.gif
The chart reminds me of the old Grateful Dead Days.
  • #34,153
  • Jun 22, 2009 6:10am Jun 22, 2009 6:10am
Quoting Bryan
No problem with the daily PB........Been in since Tursday. Like candy from a baby
Thanks! Indeed it is clear as day.
This truly shows I have much work left to do.
  • #34,154
  • Jun 22, 2009 6:11am Jun 22, 2009 6:11am
Quoting Frantic
???
hi there Frantic, could you post your thoughts with the chart?? dont know what we are looking at here??
cheers
jon
i notice this is your first post so welcome to the non lurkers club!! lol
PATIENCE... DISCIPLINE
  • #34,155
  • Jun 22, 2009 6:58am Jun 22, 2009 6:58am
I'm looking for excuses to go short here cos it seems very reluctant to go over 1.65. Should I consider this as a PB or treat it as an IB, or maybe something else. Any thoughts, suggestions welcome to a newbie!
Attached Image (click to enlarge)
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  • #34,156
  • Jun 22, 2009 7:10am Jun 22, 2009 7:10am
Ok slightly away from the daily trading topics but I am going on holiday to the south of France later on this week

Just going onto Amazon to get the reading material ordered.... anyone got any good suggestions on trading related books?

Not going to have access to a computer etc when I'm away but any recommendations on books from a general trading perspective? I haven't read any thus far so nothings out of scope!!

Thoughts and recommendations anyone?

cheers! and happy trading!

Fat Tom
  • #34,157
  • Jun 22, 2009 7:12am Jun 22, 2009 7:12am
Quoting TotalNewbie
I'm looking for excuses to go short here cos it seems very reluctant to go over 1.65. Should I consider this as a PB or treat it as an IB, or maybe something else. Any thoughts, suggestions welcome to a newbie!
hi TotalNewbie,although this is a pinbar in shape this is not a pinbar as the shadow should protrude above the previous bars. nor is it an ib as it is not inside the previous bar.
also i think there is still some time before the bar close?? at least on my feeds??
hope this helps?
jon
PATIENCE... DISCIPLINE
  • #34,158
  • Jun 22, 2009 7:18am Jun 22, 2009 7:18am
Quoting TotalNewbie
I'm looking for excuses to go short here cos it seems very reluctant to go over 1.65.
TotalNewbie I am no expert but I think you need to be open and watch the price action rather than choosing a direction firstly. The brain will automatically filter out anything that suggests it might go up, only focusing on stuff causing it to go down.

My personal opinion is we are in a shorter term up trend (last 3-4 months). We are currently going sideways (last 2 weeks) having hit resistance around 1.6650.

This could mean its coiling like a spring ready to fly through 1.6650 or it is just wasting energy up here and once it runs out it will drop back down.

My advise is wait for a better signal.
  • #34,159
  • Jun 22, 2009 7:30am Jun 22, 2009 7:30am
Quoting fat_tom
Ok slightly away from the daily trading topics but I am going on holiday to the south of France later on this week

Just going onto Amazon to get the reading material ordered.... anyone got any good suggestions on trading related books?

Not going to have access to a computer etc when I'm away but any recommendations on books from a general trading perspective? I haven't read any thus far so nothings out of scope!!

Thoughts and recommendations anyone?

cheers! and happy trading!

Fat Tom
get yourself some paper, a printer and go visit 4shared.com
Grabbing the bull by the horns!
  • #34,160
  • Jun 22, 2009 7:31am Jun 22, 2009 7:31am
Quoting fat_tom
Ok slightly away from the daily trading topics but I am going on holiday to the south of France later on this week

Just going onto Amazon to get the reading material ordered.... anyone got any good suggestions on trading related books?

Not going to have access to a computer etc when I'm away but any recommendations on books from a general trading perspective? I haven't read any thus far so nothings out of scope!!

Thoughts and recommendations anyone?

cheers! and happy trading!

Fat Tom
hey Fat Tom, i found both these books well worth a read.
Hill G Pruitt And L Hill - The Ultimate Trading Guide.
Beat-The-Odds-In-Forex-Trading-How-To-Identify-And-Profit-From-High-Percentage-Market-Patterns. some great ideas and revelations(for me)for trading.
and of course the Trading in the Zone.
happy hols!! im jealous i have to go back to work!!
jon
PATIENCE... DISCIPLINE
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